All Forum Posts by: Chris Seveney

Why would you want the property then ? It has no value and you will continue to pay taxes on it. Bite your losses and let the lien expire or put it on eBay for $1 and see if you get any bidders. I did that with a bad tax lien I bought (tax deed) - county sewer consultant said land was never perced after I got the land and contacted county again they then tell me it failed a perc in 1993. I sold lot on eBay and recouped my money plus some

What is the scope of work?

As party due diligence check for lead paint and asbestos siding and shingles as well as on the inside (tiles, insulation etc) Abating asbestos can be very costly

I typically use higher numbers for capex and maintenance on lower priced properties as a roof is a roof and costs the same on a single story 800sf house and 2 story 1600sf house. Same goes for many capex costs (heating systems, electrical work etc)

Are you financing deal or paying cash? What condition is the property in ? With a house that old you may have higher maintenance and capex costs. At first glance it does not appear to be a very appealing deal.

Are you an investor / own other properties ? Do you wish to do buy and hold or fix and flip? This would make a difference. If your a buy and hold I would pay off most of my mortgage and use some money for down payment. If I was fix and flip I would keep more money for buy and renovation and put a smaller portion toward my mortgage

Yes this is a very good deal. If you need a partner you could either get a hml or a partner in the deal.

Are you looking to assume the loan or do a subject to it straight out buy it. $2700 for $335k appears to be a high interest rate if taxes are not included in that number

I am in the same boat and am curious as well

County tax bill/property records would have he information.